Steel Production

JSW Steel partners with BHP, Carbon Clean to work on capture technology

JSW Steel on Thursday said it has signed a pact with BHP and Carbon Clean to accelerate the deployment of carbon capture technology in the steelmaking process. India's steel sector accounts for 12 per cent of India's greenhouse gas emissions, with an emission intensity of 2.5 tonnes of CO2 per tonne of crude steel compared to the global average of 1.9 tonnes of CO2 per tonne of crude steel, as per official estimates. "JSW Steel, BHP and Carbon Clean are collaborating to accelerate deployment of carbon capture technology for steelmaking decarbonisation. "Under the agreement, the parties will commence joint studies to explore the feasibility of Carbon Clean's CycloneCC modular technology to capture up to 1 lakh tonne per year of CO2 emissions," JSW Steel said in a statement. There are several challenges with the adoption of carbon capture technology in the steel industry, including capital expenditure and ongoing operating costs, as well as the integration of new equipment into an ..

Centre starts talks for retaliatory measures against EU steel tariff

Trade bloc to continue with tariff imposed on Indian steel since 2018

From Parle Products to Dabur, consumer firms load up for festival blitz

Mobilise production, inventory to ride seasonal wave

Steel maker Rudra Global Infra to set up 30 MW solar plant at Rs 190 cr

Steel maker Rudra Global Infra Products on Friday said the company will invest around Rs 190 crore to set up a 30 megawatt captive solar project in Gujarat. The solar plant is scheduled to commence operations by January 2025, the company said in a statement. "The first phase of the project entails a capital expenditure of Rs 190 crore, with 80 per cent of the funding secured through financial institutions over a five-year tenure. The remaining 20 per cent will be invested by the company," the statement said. The clean power generated will be primarily utilized to meet the energy requirements of the company's existing billet and TMT bar manufacturing operations. This initiative is expected to increase the capacity utilization of the SMS (steel melting shop) division from the current 33 per cent to 50 per cent. With the project, the company aims to produce 1 lakh tonne of billets and 2.1 lakh tonne of TMT bars annually. "By harnessing solar energy, we aim to significantly reduce our

Steelmaker ArcelorMittal's Q2 core earnings slide but ahead of expectations

Steel prices in Europe and the US are below the marginal cost of production and excess output from China has resulted in very low domestic steel spreads and aggressive exports

Steel manufacturer Bansal Industries' IPO subscribed 1.76 times on Day 1

The initial public offer of steel wire manufacturer Bansal Wire Industries received 1.76 times subscription on the first day of bidding on Wednesday. The initial share sale received bids for 3,77,76,154 shares against 2,14,60,906 shares on offer, according to NSE data. The quota for Retail Individual Investors (RIIs) got subscribed 2.47 times while the portion for non-institutional investors fetched 2.44 times subscription. The Qualified Institutional Buyers (QIBs) part received 1 per cent subscription. Bansal Wire Industries on Tuesday said it has collected over Rs 223 crore from anchor investors. The public issue is an entirely fresh issue of equity shares worth Rs 745 crore, with no offer-for-sale (OFS) component. The issue, with a price band of Rs 243-256 per share, will be open for public subscription during July 3-5. Funds will be used for the payment of debt, to support the working capital requirements of the company, and for general corporate purposes. Bansal Wire Indust

Nippon-US Steel deal may hike decarbonisation costs, say shareholders

Nippon Steel, the world's fourth biggest steelmaker, last year announced a $15 billion takeover offer for US Steel

Jindal Stainless buys remaining 46% stake in Chromeni Steels for Rs 278 cr

Jindal Stainless on Monday said it has acquired the remaining 46 per cent stake in Chromeni Steels Private Ltd (CSPL) for Rs 278 crore. Consequently, CSPL has become a wholly-owned subsidiary of the company, with effect from June 15, 2024, Jindal Stainless Ltd (JSL) said in a release. "Jindal Stainless acquires remaining 46 per cent equity stake in Chromeni Steels Private Ltd. The transaction entails a total outlay of Rs 278 crore, comprising payment towards equity transfer and payment of shareholders' debt," it said. Jindal Stainless earlier acquired a 54 per cent equity stake in CSPL through an indirect acquisition deal for Rs 1,340 crore. The overall acquisition of CPSL costs around Rs 1,618 crore to JSL. JSL CEO Tarun Kumar Khulbe said, "The acquisition of a 100 per cent equity stake in Chromeni will help us climb the value chain. Since we expect the facility to be operational soon, this strategic move will enable the company to capitalise on the robust domestic demand, which

PLI scheme to draw Rs 3-4 trn investments over 4 yrs; boost pvt capex: ICRA

The PLI scheme is expected to attract investments of Rs 3-4 lakh crore in the next four years and generate 2 lakh jobs as large projects in sectors, including semiconductor, solar module and pharmaceutical intermediaries, are expected to take off, a top Icra executive said on Wednesday. Icra Executive Vice President and Chief Ratings Officer K Ravichandran said that going ahead private sector capex is expected to pick up in oil and gas, metals and mining, hospitals, healthcare and cement sectors. However, taking the private sector capex to record high levels would require the government to give some tax breaks so that people have more disposable income in their hands. "Under the PLI scheme, we are expecting Rs 3-4 lakh crore of additional investments in the next 3-4 years. Going ahead, semiconductor, solar module, and pharmaceutical intermediaries are some areas where large projects are expected to happen which can be capital and employment-intensive. They would be generating 2 lakh

SAIL-Bhilai supplies 4,000 tonnes of heat-treated rails to Railways

The commercial production of R350 HT rails started at the universal rail mill in October last year after successful trials and clearance from the research wings of SAIL and the Railways

Jai Balaji Industries Q4 results: Profit at Rs 273 crore, income up 15%

Jai Balaji Industries Ltd (JBIL), a city-based steel product company, on Thursday said it posted a standalone net profit of Rs 273 crore for the fourth quarter ended March 2024 against a loss of Rs 13 crore in the corresponding period last year. Total income grew by 15 per cent YoY to Rs 2002 crore in Q4 FY24. EBIDTA stood at Rs 397 crore during the quarter under review with a margin of 20 per cent, the company said in a statement. The PAT for the financial year 2023-24 was Rs 880 crore, an increase of 1421 per cent YoY jump over FY'23. "Our strategic focus remains on specialised products such as DI Pipes and Special-grade Ferro Alloys, which presently contribute to around 50 per cent to our revenue and the increase in sales will help in achieving higher growth in forthcoming quarters. We take pride in being India's largest recognized producer of special-grade ferro alloys wherein substantial share comes from exports," CMD Aditya Jagodia said.

Domestic finished steel consumption grows 13% to 136 MT in FY24: Govt data

Domestic finished steel consumption has registered a growth of 13 per cent to 136 million tonnes during 2023-24, supported by increased demand from automotive and infrastructure sectors, SteelMint India said. The country consumed 120 million tonne (MT) finished steel in the preceding 2022-23 financial year, the research firm said in a report. "Demand from the automotive industry improved in FY24, along with focus increasing towards the EVs. Infrastructure and construction sectors also showed resilience with investments, mostly supported by government-funded development projects," SteelMint said. The production of crude steel in the country rose 12.6 per cent to 143 MT over 127 MT in the previous fiscal. The development assumes significance as under the National Steel Policy, the government is aiming to increase India's annual steel manufacturing capacity to 300 MT and per capita steel consumption to 160 kg by 2030. As per the SteelMint data, the consumption of finished steel rose

India becomes net importer of finished steel in FY23-24, shows govt data

The world's second-biggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors

JSW Steel posts record output at 26.43 in FY24, sees YoY growth of 9%

JSW Steel on Monday posted a record output of 26.43 million tonnes of crude steel during financial year 2023-24, registering an on-year growth of 9 per cent. It had produced 24.14 million tonnes (MnT) crude steel on a consolidated basis in preceding financial year, JSW Steel said in a statement. In the January-March period of 2024, the consolidated output was at 6.79 MnT, higher by 3 per cent over 6.58 MnT in the year-ago quarter. "JSW Steel has achieved its highest-ever annual consolidated crude steel production of 26.43 MnT, with a growth of 9 per cent YoY. The production for Q4 FY24 stood at 6.79 MnT, higher by 3 per cent YoY," it said. The company produced 25.55 MnT steel from its India operations, up 8 per cent over 23.62 MnT in the last fiscal. The output in India rose 3 per cent to 6.54 MnT from 6.37 MnT in the same quarter last fiscal. In the US, JSW Steel USA Ohio posted a 63 per cent rise in output to 0.87 tonnes from 0.53 tonne in FY23. The production in the last quart

Govt envisions PLI 2.0 for steel sector in 2024; curbs on imports awaited

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste. While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties. Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21. During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry. India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. "We are prepari

India's steel production grows 11% to 11.7 MT in Nov 2023: Worldsteel

India has registered an increase of 11.4 per cent in its crude steel production at 11.7 million tonne (MT) in November this year, according to World Steel Association (worldsteel). During January-November, the country's production was 12.1 per cent higher year on year (y-o-y) at 128.2 MT, the global body said in its latest report. The global steel production in November was at 145.5 MT, 3.3 per cent up over same month in 2022. The world output rose marginally by 0.5 per cent to 1,715.1 MT in January-November 2023, worldsteel said. China produced 76.1 MT steel in November, up 0.4 per cent over November 2022. It produced 952.1 MT in January-November, higher 1.5 per cent y-o-y. In November, Japan's output fell 0.9 per cent to 7.1 MT, while the overall production was 2.8 per cent lower at 80 MT during January-November 2023. The US produced 6.6 MT steel in last month and 73.9 MT in the eleven-month period of 2023. Russia produced 6.4 MT in November and 70.2 MT in January-November 2023

JSW Steel reports 11% rise in consolidated crude steel production in Nov

JSW's consolidated crude steel production was at 1.94 MT in the same month last year

'Made in India' label on steel products to boost brand India: Scindia

The government on Thursday rolled out an initiative under which steel makers will add 'Made in India' labels to their products to promote locally-made goods at the global level. The move is aimed at realising Prime Minister Narendra Modi's 'Make in India' vision, Union Steel Minister Jyotiraditya M Scindia said. In the first phase, all Integrated Steel Players (ISPs) have been included under the initiative to introduce branding and labelling of 'Made-in-India' steel products in the global market, the Ministry of Steel said in a statement. The Secondary Steel Industries (SSIs) will join the initiative in the second phase, it said. Scindia chaired a consultative committee meeting to discuss the progress on the first-of-its kind initiative by the Ministry of Steel and the Ministry of Commerce and Industry to introduce branding and labelling of 'Made-in-India' steel products in the global market. Apart from making Indian steel products more attractive to buyers, this would also ensure

JSW Steel's production grows 12% to 2.32 million tonnes in October

On a yearly basis, production from Indian operations in October grew 9 per cent to 2.23 million tonnes from 2.04 million tonnes

India's steel capacity crosses 161 MT mark, sector poised for growth: Govt

India's steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030. "We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route," Sinha said addressing the '4rth Indian Steel Association (ISA) Steel Conclave' event in the national capital. He further stressed that the steel sector in India is poised for continued growth. Sinha said, India is the world's fourth-largest automobile market, and it is expected to grow at a CAGR of 8-10 per cent over the next 10 years. Moreover, the manufacturing sector saw a Compound annual growth rate (CAGR) of 7-8 per cent and this is driving demand for steel in both the sectors. The production-linked incentive scheme